Porvair profit soars in record year

Environmental technology group Porvair reported a 40 per cent increase in annual pre-tax profit but said while 2013 has started well, with healthy order books, it remains cautious about the general economic outlook.

For the year ended November 30th 2012 revenues grew by 12% to a record £76.5m compared to £68.1m in 2011. Pre-tax profit jumped to £6.3m during the period from £4.5m before.

Basic earnings per share rose 38% to 10.1p while net debt reduced by 24% to £3.9m.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Porvair, which invested £3.5m in three small acquisitions, said all are now fully integrated and running well.

Chief Executive Ben Stocks commented: "Porvair's strategic direction and operating objectives remain consistent and are producing good results. We focus on niche markets, which have structural growth drivers. 2013 has started well and order books are healthy."

"The Board remains cautious about the general economic outlook, but the fundamentals of the markets in which the group operates look satisfactory. After a record year we expect revenue to grow at a more moderate rate in 2013. There is plenty of opportunity across Porvair for market share gains and the Board's outlook is positive."

A final dividend of 1.6p has been recommended, up from 1.4p in 2011.

CJ